RALEIGH, NC - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of the 292-unit Villages at Lake Boone Trail, in Raleigh, NC.
ARA Charlotte-based broker Sean Wood, along with Blake Okland, Dean Smith and John Heimburger, represented Philadelphia, PA-based PRG Real Estate Management in the sale. PRG owns and manages a portfolio of multifamily properties that exceeds 12,000 units throughout the eastern U.S..
Constructed in 1972 and situated on 34+ acres, the community’s superior location cannot be replicated by developers today; the property is adjacent to Raleigh’s most prominent healthcare institution and largest employer, Rex Healthcare System – a 665-bed facility employing approximately 5,200 personnel.
After acquiring the community in 2009, PRG initiated an extensive interior and exterior upgrade program that was 75% completed by the time of the sale to Atlanta, GA-based TriBridge Residential, a fully integrated multifamily real estate company providing investment and acquisitions, property management, development and construction services.
TriBridge acquired the property and accompanying 34+ acres for $20 million or $68,493 a unit.
Atlanta-based TriBridge Residential is a leader in multi-family real estate in the South. TriBridge offers a wide range of specialty services from investment and acquisitions to property management, development and construction. The company manages more than 15,000 units throughout Georgia, Florida, Texas, Tennessee and North and South Carolina. The TriBridge Residential team applies their in-depth market knowledge and experience over multiple real estate cycles to generate creative, proactive solutions for their residents, clients and investors.
According to ARA’s Sean Wood, “The beauty of this transaction is that TriBridge acquired a well-positioned, value-add community with very strong cash flows in addition to the 34+ acre site. Because the asset is performing so well, they’re in the enviable position of being able to hold the land until market conditions are right for development.” He added, “The site was previously up zoned meaning TriBridge has the flexibility to develop additional multifamily units on the site or convert to a combination of multifamily and commercial use on the site.”
The Villages at Lake Boone Trail was 96% occupied at the time of the sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Cassandra Rusnak, at rusnak@ARAusa.com or 704.379.1987.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com